Saudi Arabia eyes G20 nations’ cooperation to boost global economy: Al-Qasabi

Saudi Arabia, holding the G20 presidency this year, will coordinate with the group countries to boost the global economy, helping it to recover from the repercussions of the COVID-19 pandemic and assist nations resume normal life activities, state news agency SPA reported, citing Commerce Minister Majid Al-Qasabi.

The general objective of Saudi Arabia’s presidency is to “seize the opportunities of the 21st century”, by providing people with decent livelihood, prosperity and protection for the planet, while capitalizing on new innovations and sharing technological progress, Al-Qasabi said on the sidelines of the G20 Leaders Summit.

The Kingdom’s G20 presidency reflects its leading position among global countries, the minister indicated, adding that Saudi Arabia’s group presidency extends from December 2019, until Nov. 21-22, 2020.

“Due to the current exceptional headwinds on the COVID-19 outbreak, the group held an extraordinary summit in March to support a coordinated global response to the pandemic,” he said.

Additionally, the G20 member countries pledged more than $21 billion to support funding in global health, counteract the social, economic and financial impacts of the pandemic, and enhance resilience in long-term.

The three extraordinary meetings between the ministers of commerce and investment from the member countries fell within the coordinated global response initiative. They sought to enhance the multilateral trading system; build resilience in global supply chains; support Riyadh Initiative, which focused on the World Trade Organization reform; in addition to improving the international competitiveness of micro, small and medium-sized enterprises (MSMEs), increase economic diversification and strengthen international investment, Al-Qasabi highlighted.

“We will maintain mutual cooperation amid the progress achieved after lifting the restrictions imposed on international trade exchange. G20 member countries will take the necessary measures to help the countries recover from the repercussions of the pandemic, maintain market stability and survive headwinds,” the minister said.